Tpi Polene Power Public Co., Ltd. · SET:TPIPP
Tpi Polene Power Public — Q2 2019 Earnings Presentation
35 slides from Tpi Polene Power Public's earnings presentation, 2019
Slide 1: TPI Polene Power Public Company Limited Investor Presentation
TPI Polene Power Public Company Limited Investor Presentation
Slide 2: Table of Content
Table of Content Section 1. Company & Business Overview 2. Financial Highlights 3. Key Operation Highlights Strictly Private & Confidential
Slide 3: Company & Business Overview
Slide 4: TPIPP's Vision & Mission
TPIPP’s Vision & Mission The Company is determined to be a high quality and high standard leader in the business of power generation using renewable energy sources, focusing on continuous development of technology and staff to create highest benefits for shareholders and staff. The Company intends t
Slide 5: TPIPP as TPIPL's Flagship for Power Business
TPIPP as TPIPL’s Flagship for Power Business iu Cement Business Concrete Business 70.24% twa ®| porene > its Power Plant Business Strictly Private & Confidential Unit: THB mm TPIPP (Q2 2019) TPIPP (H1 2019) Electricity generation from waste heat and refused derived fuel (RDF) power plants and operat
Slide 6: TPIPP at a Glance
TPIPP at a Glance Gy TPIPP is the largest operator of waste-to-energy (“WTE”) power plants in Thailand in terms of installed power generation capacity Key Business Segments % of Q2 2019 Total Sales Revenue recovery power plants with off-take arrangements with EGAT and TPIPL > 8 commercially operatin
Slide 7: Summary of TPIPP's Power Plant Operations
Summary of TPIPP’s Power Plant Operations TPIPP’s Power Plants (Operational & Under Construction) TPIPP’s Installed Capacity Breakdown by Fuel Mw mWaste Heat #RDF?! =Coal/RDF = Coal Total capacity in operation 440 MW Installed Expiry Power Plant coD Capacity Date In operation WHPP-40MW Jun 2009 40MW
Slide 8: Summary of TPIPP's Petrol & Gas Station Operations
Summary of TPIPP’s Petrol & Gas Station Operations * TPIPP primarily sells petrol and gas to retail customers under the “TPIPL” brand * The Company was granted the license to use the trademark of TPIPL in accordance with a 10-year trademark licensing agreement dated March 7, 2016 between the Company
Slide 9: Mutually Beneficial Support Framework with TPIPL
Mutually Beneficial Support Framework with TPIPL Complemen i TPIPL Supports Continuing Development of Bo’ Backing and Continuing Support from Recognized Shareholder, TPIPL = One of the leading cement manufacturers in the country founded in 1987 and is listed on the Stock Exchange of Shareholding Tha
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Slide 11: Revenue
Revenue Diversified Revenue Streams Led by Growing Revenues from Energy & Utilities Division y Total Revenue from Sales of Goods (THBmm) Revenue from Energy & Utilities (THBmm) H1 2018 H1 2019 Q2 2018 Qi 2019 Q2 2019 HEGAT @TPIPL wm Sales of shredded tires, Steam & Others Revenue from Petrol & Gas S
Slide 12: Cost of Sales & Gross Profit
Cost of Sales & Gross Profit 4 Q2 Y2019 Cost of Sales Breakdown (THBmm) Gross Profit (THBmm) and Gross Profit Margin'*) (%) Energy & Utilities: ' | 57.4% 55.0% i Raw . ' materials & ' 51.7% '% ' Fuel 47% 48.4% | = _ | 2,423.8 | pe H Li Others Maintenance 44.1 H 14% 6% ' Depreciation Electricity H 17
Slide 13: Cost & Expenses vs. EBITDA & NPAT
Cost & Expenses vs. EBITDA & NPAT yy Cost & Expenses Items (THBmm) Operating EBITDA‘) (THBmm) and Operating EBITDA margin‘) (%) 58.5% fore 61.9% 55.3% : 48.4% La os, SY oa = 2,599.1 1,887.9 ian H1 2018 H1 2019 Q2 2018 Qi 2019 Q2 2019 mmm Operating EBITDA —"—Operating EBITDA Margin NPAT (THBmm) and N
Slide 14: Comparing Profit and Loss Statement - YoY and QoQ
Comparing Profit and Loss Statement - YoY and QoQ Unit :THBmm 2018 2019 2018 2019 2019 Compare (%) H1 H1 Q2 Qi Q2 YoY(6M) YoY (Q) Q0Q Income ! Revenue from base tariff 1,435.0 2637.4! 793.7 1,290.5 1,346.9 83.8% 69.7% 44% Revenue from power adder 1,419.7 1,976.8 | 898.0 948.0 1,028.8 39.2% 14.6% 8.5
Slide 15: Operating Statistic
Operating Statistic Generated Amount of Electricity (M.KWh) 2018 2019 Diff %Change Q2 301.26 492.01 + 190.75 +63.32% H1 560.53 970.94 + 410.41 +73.22% Qi 2019 Q2 2019 Diff %Change 3M 478.93 492.01 + 13.08 +2.73% Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1- 1G ETE OS REO 18 Q2-18 Q3-18 Q4-18 Q
Slide 16: Debt Profile and Leverage Ratios
Debt Profile and Leverage Ratios Interest Bearing Liabilities (THBmm) Cash / Cash Equivalents and Current Investment (THBmm) Increase in long-term loans from financial institution and related parties 7,054.2 4,230.7 4,410.8 4,000.0 4,000.0 2,360.8 1,635.0 ———— Del 2015 2016 2017 2018 H1 2019 2015 20
Slide 17: Key Operation Highlights
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Slide 18: Summary of Key Operation Highlights
Summary of Key Operation Highlights GEIB reiee’s wre Power Plant Situation TPIPP’ S Waste Management & WTE Renewable MSW and RDF Raw materials management | 4 | Government Policies for WTE Power Generation in Thailand Ls | WTE Future Project Strictly Private & Confidential 17
Slide 19: TPIPP's WTE Power Plant Situation
@ TPIPP’S WTE Power Plant Situation Note (1) Power Plants TG1 20 MW Electricity 20 Mw TG2 20 MW TG2 20 MW Sales to TPIPL somw GT omw GTI 70 mw MTGAH 150 mw ; a Capacity PPA Capacity PPA Capacity PPA Jower ants with GG 2omw ismw TGR 20mw «= ismw «TGS 2omw ta mw Electricity Sales to (GSN comm ssmw «TG
Slide 20: TPIPP's WTE Power Plant Situation: Shutdown Plan
@ _ TPIPP’S WTE Power Plant Situation Shutdown Plan Schedule for each plant in Q3 2019 ee Plan KILN # 13 SD Mar 2019 35 Jul 2019 TG 4 Plan KILN # 4 SD 1 SEP 2019 7 8 SEP 2019 TG5 Plan Boiler 3 Jul 2019 45 15 SEP 2019 TG8 Plan Boiler 8 20 Jul 2019 10 1 SEP 2019 Strictly Private & Confidential 19
Slide 21: TPIPP's WTE Power Plant Situation: COD and BOI Schedule
@ TPIPP’S WTE Power Plant Situation Gy COD and BOI Schedule for each plant BOI TAX TG Type coD Approval INCENTIVE TG 1-2 WH TPIPL OCT 2007 BY Jun 2009 TG 3 RDF EGAT OCT 2007 BY Jan 2015 TG4 WH TPIPL/EGAT JUL 2013 BY Jan 2016/Apr 2018 TG5 RDF EGAT JUN 2013 8/5Y Aug 2015 TG 6 RDF EGAT MAR 2015 BY Apr
Slide 22: TPIPP's Waste Management & WTE Renewable
TPIPP’ S Waste Management & WTE Renewable Improvement of Power Plant utility Improvement of Power Plants Utility (with PPA with EGAT) WHE AGQ@C ,SP 1 WHE AGC 3? 2 Cy) WHE AGC ,SP3 RDF B1 RDF B9 RDF B10 INCINERATOR B12 RDF B4 RDF B5 INCINERATOR B11 RDF 52 INCINERATOR B14 RDF B3 INCINERATOR B13 Strict
Slide 23: TPIPP's Waste Management & WTE Renewable
TPIPP’ S Waste Management & WTE Renewable Improvement of Power Plant utility Improvement of of Power Plants (with PPA with TPIPL) * Strictly Private & Confidential Future Project WHE AGC SP 1 WHE AGC ,SP 2 WHE AGC ,SP 3 INCINERATOR B15 INCINERATOR B13 Coal B6
Slide 24: Trend of FT Adjustment Sell for TPIPL
Trend of FT Adjustment Sell for TPIPL (trie tt) Jan-17 May Sep Jan-18 May Sep Jan-19 May Sep -0.05 -0.1 -0.1160 -0.1590 -0.15 -0.2 Siti -0.2477 « -0.3 0.35 ® -0.3729 -0.4 Strictly Private & Confidential 23
Slide 25: Trend of FT Adjustment Sell for SPP
Trend of FT Adjustment Sell for SPP (nn) ny ig e e ® (14 e e o & > So Gy 0.08 -0.1 -0.15 -0.1951 -0.2 / 0.25 -0.2802 -0.2632 -0.3016 —— / 0.3 =. / —— 4 / -0.3195 -0.3058 -0.35 jl -0.3477 0.4 / 0.45 | -0.4715 Strictly Private & Confidential 24
Slide 26: MSW and RDF Raw Materials Management
© MSW and RDF Raw materials Management Extensive network of waste suppliers provides TPIPP with a steady supply of waste for the operation of its WTE power plants while good relationship with EGAT creates revenue visibility Extensive Network of Suppliers for Waste delivered to Saraburi Plant municip
Slide 27: RDF plants: Nakhon Ratchasima, Rayong, Samut Sakhon
© MSW and RDF Raw materials Management Nakomratchasrima, plant: RDF =Rayong Plant: RDF = Samutsakorn, Plant: Strictly Private & Confidential 26
Slide 28: Government Policies for WTE Power Generation in Thailand
© Government Policies for WTE Power Generation in Thailand Gy LuUINIAWANSAAASS SV IW @ Isvwhoaruluuianisaetasumainiasy + duaumsndaaWihynawawnunquiigy leur wes yaw © TselWithdhanailsz2n49 3 Wouiamuuaumala 2 IsvlWirauadniszinnidawavwaada usznauarig Isv'lvlih ava./IPP/SPP-Firm/Import . Aoass 150 Wiihua
Slide 29: Government Policies for WTE Power Generation in Thailand (PDP)
© Government Policies for WTE Power Generation in Thailand asusivunau PDP avutun [| 2. tsotvtihomutanumsdsiatimaumads vibe : wince! Tassnisise Wiiwassunyuiiautusitu2ssil 2561-2580 Isolulihaae 400 Ise lWihtiaanadsz2ns5 120 Dy 520 wae : wINnsiaG Iss lwihiasna Wvétoane 3,376 Isslwihmaianiw 546 Taarsmen
Slide 30: Government Policies for WTE Power Generation in Thailand
@ Government Policies for WTE Power Generation in Thailand UAUNIAIUINA SS TUNAUMULASWAaIUNMIaAON WA. 2561-2580 (AEDP2018) un AEDP2018 unuviannie na PDP2018 (2) “women macy AEDP2015 cud naw éaudRdede (Onstallation capacity) varie inbuiun émcian naga (Contract copacty) (2) Nisan rWevndienmaunuimoudaln
Slide 31: Government Policies for WTE Power Generation in Thailand
© Government Policies for WTE Power Generation in Thailand ENERGYNEWSCENTER.COM nvuinSunoondsemdalilitrarnSPPau: luént-2iéow siimundasrFiTi3,66urnsiowinw | Energy News Center Strictly Private & Confidential wa. uqiins ausiaiia ravisarsdiinemunains mum ainem Maerua, ) lugtuz Tan naw. Maunsh anwinsewv
Slide 32: WTE Future Project
@ WTE Future Project Future Power Plant Projects Plan RDF : — Saraburi RDF = — —__. — INCINERATOR B15 Saraburi INCINERATOR INCINERATOR Korat INCINERATOR INCINERATOR INCINERATOR INCINERATOR Chonburi Songkla INCINERATOR INCINERATOR Total 120 MW. / 400 MW. Strictly Private & Confidential xv
Slide 33: WTE Future Project: Government Projects Schedule
@ WTE Future Project Future WTE Government Projects Schedule Tripping Project pet Pea MW. Pad ) Fee coD ( Ton/day on (B/ton) Korat 500 10 5.78 2022 On Songkhla 700 10 5.78 <500 Approve 2022 Process WTE-PDP2019 400 Renew-PDP2019 5,786 Strictly Private & Confidential 32
Slide 34: Industry Update: Quick win PPA
Industry Update : Quick win PPA nnw. lwhdien daudiiudouo wid lasenissudelwah mulelassmsnaalihainesedusuanuinidaunwln miaidhsailasams saw 9 davtaviasane svat 11 Tasenns yarnmsasyusiy 13,101 ayuinn rndanndioa sivsqu 83.04 winrind Amiudsnnuisudosn 68.90 wineiadl uasdirnaeduinlWihiBawnsiedidrdssuy (SCOD
Slide 35: Strictly Private & Confidential
Strictly Private & Confidential 34
TPI Polene Power Public Company — Q2 2019 Earnings Presentation on 6ix